The would-be purchaser of the casino tells The Associated Press the casino's finances are dire.

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Four of Atlantic City's 12 casinos have closed this year. The Taj Mahal would be the fifth.

Icahn says even though he won't back out of a deal he made with owner Trump Entertainment Resorts to acquire the Taj Mahal and pump $100 million into it, he wishes he never answered the phone when the company first called him about it.

Union members plan to picket outside the casino Friday night.

Trump Entertainment had threatened to close the Taj Mahal on Nov. 13 if it didn't get a judge to free it from making health care and pension payments for casino's 3,000 workers.